Robinhood Q2 results top estimates as crypto, options trading jumps

Investing.comAug 8, 2024 12:43 AM

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Investing.com -- Robinhood reported Wednesday second-quarter results that topped Wall Street estimates spurred by a surge in cryptocurrency and options trading on its trading platform.

Robinhood Markets Inc (NASDAQ:HOOD) was flat in afterhours trading following the report.

The company reported earnings of $0.21 per share on revenue of $682 million. Analysts were expecting earnings of $0.15 a share on revenue of $682M.

Revenue surged 40% in Q2 from a year earlier, driven by 69% jump in the transaction revenue, with crypto and options transaction revenue leading the gains, up 161% and 43% respectively.

Monthly active users increased 9% year-over-year to 11.8 million.

Looking ahead, the company said its operating expenses for full-year 2024 is unchanged at $1.85 billion to $1.95 billion.

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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